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FxWirePro: EUR/NZD falls on downbeat German retail sales data, on verge of bigger drop

• EUR/NZD declined on Monday   as  downbeat German retail sales data and renewed lockdown measures   in the Eurozone weighed on euro.

• EUR/NZD could be on the verge of a deeper fall after sliding below the 55-day moving average and daily cloud top on Monday.

• At GMT 18:02, the pair was trading down 0.26 percent   at $1.6848.

•  Technical signals are bearish as RSI is heading down  at 42, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6851 ( 5 EMA), any close above will push the pair towards 1.6919 (38.2%fib)

• On the downside, support is seen at 1.6811 (23.6%fib ) and break below could take the pair towards 1.6757 (27thJan low).

Recommendation: Good  to sell around 1.6850, with stop loss of 1.6950 and target price of 1.6790.


 

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